Memecoins
Messi and Ronaldinho Inflate the Unsung Solana Meme Coin: What’s the Problem?
Football Icons Lionel Messi And Ronaldinho Both posted ads for the Solana coin, WATER, on their respective Instagram Stories this week, causing the token to skyrocket 194% to a market capitalization of $65 million in just over 24 hours.
With over 580 million followers on Instagram, the athlete’s promotion of the relatively small Solana meme coin has certainly turned heads — and even confused cryptocurrency advocates. So what about WATER?
Contrary to Celebrity meme coins from the pastthey haven’t promoted a new token associated with their identity, like Iggy Azalea’s MOTHER or the band supported by Andrew Tate Papa Tate Meme CoinAnd there is no suspicion in this case that their accounts were hacked or compromised.
Messi’s Instagram Stories post, shared on Monday, remained online for 24 hours as he continued to post professional content related to the Copa America, the tournament he is currently competing in. And then, retired Brazilian star Ronaldinho posted a similar promotion on Tuesday.
In recent weeks, we’ve seen celebrity social media accounts hacked to promote meme coins, usually through pump-and-dump scams: the hacked account attracts fans to buy the tokens, the value increases, and then the coin’s creator sells, usually causing the price to plummet in the process.
But unlike Metallica, 50 Cent, Hulk Hogan and most recently Doja Cat, the social media posts were not deleted in a frenzy, meaning there were no immediate signs of foul play in these cases.
Additionally, both Messi and Ronaldinho have already made moves in the crypto world. Messi, for example, is a brand ambassador for Socios fan token platform and fantasy football game NFT So rarewhile Ronaldinho recently supported a project called Jargon. In 2023, Ronaldinho refused all connection to a cryptocurrency pyramid scheme that traded on his name and image.
Both Messi And Ronaldinho have the same booking agency, which declined to comment Decrypt when it is reached. Decrypt subsequently contacted the athlete’s respective managers, but did not immediately receive a response from either. Decrypt I contacted the Water team through several means, but did not receive an immediate response.
What is WATER?
The water was launched on June 24, after a presale which took place a few days before. This launch was accompanied by a “collaboration” with the meme currency BEER, using the same art style. In return, the project promised holders of over a million BEER tokens that they would receive an airdrop of WATER tokens once it launched.
This could suggest that the projects are created by the same team, which is supported by the use of similar art styles and website designs, although there is no concrete evidence that they come from the same source.
On the Water feature websiteThe project is billed as a “charity token,” but details are vague. The website mentions a “publicly known” charity wallet that users can donate to, but doesn’t list its address. It also claims that each week, 25% of the tokens sent to the “destruction contract” will be channeled to unspecified charities.
On the roadmapThe meme currency promises a future NFT collection, sustainable projects that prevent deforestation and help distribute water, and rewards for WATER token holders. These prizes include a getaway to the Maldives, a world cruise, and a gift of a private yacht (but only a medium-sized one).
Meanwhile, beer is down 94% from its record price hit on June 10, according to CoinGecko. A large quantity of BEER was sold on June 13, causing its 70% price drop and sow distrust among some traders.
“The team/insiders have checked [over] 50% of the offer”, pseudonymous detective of the WazzCrypto channel posted on Twitterhighlighting 13 wallets that withdrew a total of $15 million in a matter of days. “One of the largest and most elaborate meme scams I’ve seen so far,” he added.
But market-making hedge fund Gotbit, a firm that worked on BEER’s launch, complaints that the discharge was a “coordinated attack” by a group of whales.
As for water, according to the tweets of the chain viewer Bubble Cards30% of the supply would be controlled by insiders. “Send it to zero,” Bubblemaps wrote.
Edited by Andre Hayward